According to official statistics, Germany has taken in 1.1 million refugees and that so far hasn't been bad news for German economy. Government had to increase its budget expenditure in 2015, which boosted overall GDP. German economy grew 1.7% in 2015. However, low unemployment rate and rising wages have also contributed to the factor.

Since Germany is a net importer of oil, lower price has also helped consumers to spend elsewhere and open up their purse strings. Despite increased spending German government was able to close the year in 0.5% surplus that has allowed to push surplus of €12.1 billion into 2016. In 2014, budget surplus was 0.4%.

However, German growth alone isn't enough for Euro Zone monetary policy, since it comprises of 19 different countries and many of them such as Cyprus, Greece still far away from recovery, which means European Central Bank would keep its monetary policy accommodative, which in turn would be further boosting for Germany and its assets.

German DAX (CFD) is however down 95 this year already struggling to cope up with risk aversion.